"Zero oil shipments"... Washington announces choking off Iran's revenues

US Treasury Secretary Scott Bessent announced that Iran will have no oil shipments at sea this week for the first time, saying this will deprive it of oil revenues under what he described as a new American phase of "economic isolation." In an interview with Axios, Bessent said Washington moved from direct military operations to imposing a blockade and then to "economic isolation," noting that military operations destroyed Iran's naval and air forces and depleted much of Tehran's drone and missile capabilities. Bessent predicted oil supplies would improve and become more abundant, pushing prices lower, while US President Donald Trump said Iran is "not in a good state" and expected the war to end soon and oil prices to return to pre-conflict levels. Trump praised European countries' decision to release diesel from their reserves, after G7 leaders agreed to release 100 million barrels of diesel and crude oil over the next four months, a step a statement by French President Emmanuel Macron said aims to curb energy price rises caused by the war in Iran.